| Publish date: Tue, 14 May 01:04 |
Of this, RM65 million will be used for the development of the group's flagship integrated township development Bandar Sri Sendayan in Seremban.
Bandar Sri Sendayu spans across 2117.72ha with an estimated gross development value (GDV) of RM5 billion.
Another RM55 million is for working capital, while about RM11 million is for repayment of bank borrowings. The remaining RM6.5 million will be for listing expenses.
Matrix's IPO entails a public issue of 62.5 million new shares and an offer-for-sale of 37.5 million shares. While its net asset currently stands at RM1.58 a share, the RM2.20 issue price indicates a premium of 39 per cent.
Of the new shares issuance, 10 million is for the public and 8.8 million for eligible directors, employees and business associates. The remaining 43.7 million shares are private placement for selected investors.
"The outlook for the property sector for the next few years is robust. There's a lot of market demand," Matrix managing director and chief executive officer Datuk Lee Tian Hock said at the launch of its prospectus yesterday.
Matrix is due to be listed on May 28.
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